Since institutional investors showed so much interest, Circle, the USDC stablecoin issuer, adjusted its plans for its initial public offering (IPO) by upsizing the number of shares and boosting the price range. The fintech firm has now informed regulators it would like to offer 32 million shares of its Class A common stock, instead of the 24 million it planned before.
Revised Circle IPO Share Price Details
The firm also moved up its price range from $24–$26 per share to $27–$28 per share, according to the amended Form S-1 filed with the U.S. Securities and Exchange Commission (SEC). The move reflects mounting demand ahead of the company’s anticipated IPO pricing on June 4.
BlackRock is said to be looking at investing in the offering, according to sources. The asset manager could purchase close to 10% of the offered shares. Circle’s progress is highlighted by BlackRock’s participation, although how they are investing has not been shared.
Circle’s relationship with BlackRock is strong because the investment firm oversees the Circle Reserve Fund, which contains most of the U.S. dollar reserves that are needed to back the USDC stablecoin. As of data on April 30, 2024, the fund’s assets totalled nearly $30 billion.
Investor enthusiasm appears robust, with early indications showing demand could outstrip the available supply. Ark Invest, led by Cathie Wood, is also considering a substantial participation, with plans to invest up to $150 million, according to initial regulatory disclosures. If priced at the top end of the new range, the IPO could value Circle at around $6 billion.
